Who among these will succeed Njuguna Ndung'u at the Central Bank of Kenya?

Former CBK Governor Prof Njuguna Ndung’u

The Central Bank of Kenya (CBK) and the Treasury insiders have emerged front-runners in the race for the new CBK governor and a powerful chairman of the bank.

A shortlist released on Friday shows the Public Service Commission (PSC) mainly favoured candidates who have had a stint at CBK or those with years of experience managing government finance departments.

The PSC has shortlisted the current acting CBK Chairman Dr Bernard Mbui Wagacha for the job of new chairman, who is expected to have a bigger oversight role than former chairpersons.

Dr Wagacha, who is also a State House economic advisor, applied for both the job of governor and chairman advertised last month highlighting his interest to be retained at the bank.

Interview stand

The PSC however only shortlisted Wagacha for the post of chairman, making him one of the front-runners. He will be the first to take the interview stand on April 7 on the shortlist of four candidates.

Wagacha has been serving in an acting capacity since February 2013. Also to be interviewed for the Chairman’s position is the Consolidated Bank of Kenya Chairman Dr Benson Akong’o Ateng’.

Mr Nicholas Bartuiyot Korir, a former boss at the Kenya School of Monetary Studies, who is now on secondment to the Comesa Monetary Institute and Mr Jairus Mohammed Nyaoga, a lawyer complete the shortlist. The four were drawn from a pool of eight applicants. Those who did not meet the cut include Joseph Akech Donde, David Mwaure Waihiga, Jairus Mohammed Nyaoga and Nancy Oundo Dalla. However, Mr Nyaoga was among those shortlisted for the CBK governor’s job, having also applied for both.

The current deputy governor Dr Haron Sirma is among the front-runners shortlisted to replace the former CBK Governor Prof Njuguna Ndung’u, who retired last month. Dr Sirma will be the first to take the interview stand on April 7. Dr Patrick Ngugi Njoroge will follow him.

Former Planning Permanent Secretary and one time CBK Deputy Governor Dr Edward Sambili has also been shortlisted alongside Dr Peninah Wanjira Kariuki and the current National Treasury Economic Secretary Dr Geoffrey Ngungi Mwau.

They complete the shortlist of five applicants still in contention for the CBK Governor’s job when the final interviews are held on April 7.

There were 22 applicants for the job. Those who did not make it to the short list is Dr Rose Wanjiru Ngugi, a consultant who works with the IMF as an advisor on policy and engagement with member countries.

Dr John Hongo Randa, a senior economist at the World Bank’s Nairobi office and Dr Chris Kiptoo, the Kenya country director of TradeMark East Africa (TMEA) who had taken a stab at the top central bank job did also not make it.

Competitive recruitment

This is the first time the Government has opened up the top job at CBK’s corner office to competitive recruitment, a departure from the past, when the President handpicked candidates for the lucrative job. The top three candidates will then be forwarded by the PSC to the President, who will recommend one of them for approval by Parliament and appointment.

But the PSC said it did not find a suitable candidate from the list of 42 applicants eying the job of the deputy CBK Governor. “The position of deputy governor did not attract adequate qualified applicants and has therefore been re-advertised. Those who had applied for this position in the earlier advertisement need not reapply,” PSC said.

The new applicants have until April 9 to apply for the job. The applicants for the CBK deputy governor’s position included Ms Rose Detho who is the current director, Strategic Management Department at CBK and Sheila Mmbijjewe who formerly sat in the influential CBK Monetary Policy Committee (MPC).

Successful applicants will have a four-year term, renewable for a similar period.